July 31 onward all the Builders in Kharar, Mohali & Zirakpur would need RERA registration. It was reported that the real estate agents, as well as builders who have not yet registered themselves under the Punjab Real Estate Regulatory Authority (RERA), should rush to get themselves registered.
Builders in Kharar, Mohali & Zirakpur need to register under RERA
As per the notification of Real Estate (Development & Regulation) Rules 2017, it was stated by the Real Estate Regulatory Authority (RERA) office that it has initiated receiving applications from promoters as well as real estate agents for registration. For the Builders in Kharar, Mohali & Zirakpur it will be mandatory under the new law to register under the Punjab Real Estate Regulatory Authority (RERA).
Deadline for registering under Real Estate Regulatory Authority (RERA)
The deadline for the mandatory registration is July-31 which is all set to expire in a week’s time. It must be noted that there are more than 80 projects that are currently in running stage in Zirakpur and above 100 real estate projects (In different stages of completion) in Mohali and Kharar. Despite this fact that approximate 180 projects are in running stage in this part of the state, only realty agents have moved the applications. With such a huge number of builders in the region only six builders have applied for registration under the new law – RERA.
What if one fails to get RERA registration
If the builders or a real estate company in Chandigarh miss out the chance to register themselves under RERA it will become difficult for them to survive their business. It was reported that without obtaining the mandatory registration no real estate agent will be able facilitate the purchase or sale of any apartment, plot or building. Since registration is mandatory under the central act there are no chances that the deadline will be extended and all will have to register before July 31 newly under the newly created real estate watchdog.
If not registered under RERA the department will be forced to invoke Sector 3 (1) of the Punjab Real Estate (Regulation & Development) Rules. This rule mandates that no promoter will be able to advertise, book, market, sell or offer for sale of any apartment/plot/building in a real estate project. Promoters will also not be able to invite intending buyers for purchasing the properties.
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Those who want to register must follow the registration process that has been uploaded on www.pbhousing.gov.in.